At the meetings held on November 23, 2010 and January 31, 2011, the Board of Directors of the Cyprus Securities and Exchange Commission decided to impose an administrative fine of €150,000 to Advantage Capital Holdings Plc for violating article 19, as specialized in article 20(1)(c) of the Law on the Transactions of Persons who hold Confidential Information and the Market Manipulation Law 2004, since it manipulated the market when it announced via:
(i) The interim consolidated financial statements for the period ended 30.09.2007,
(ii) The consolidated financial statements for the period ended 30.09.2007,
(iii) The consolidated financial statements for the period ended 31.03.2008,
(iv) The interim consolidated financial statements for the period ended 30.06.2008,
(v) The consolidated financial statements for the period ended 30.09.2008,
(vi) The annual financial statements for the year ended 31.12.2008
Misleading indications on its financial means, relevant to its subsidiary Aspis Liv Forsakrings AB, although it knew or it should know that the information was misleading.
In order to determine the administrative fine, the SEC took into account the following factors:
- The seriousness that the legislator gives in this type of breaches, which is reflected by the maximum administrative fine provided for violations of article 19 in article 23 of Law 116(I)/2005, that is, £500,000 (€854,300).
- Manipulations acts via the spread of false and/or misleading information hit the integrity of the financial means market since they impede its proper operation and the full transparency conditions.
- The importance that SEC gives in securing that the market is not manipulated in any way, which contributes to the strengthening of the investors’ confidence in it.
- The fact that the Company, with the spread of misleading indications in relation to the subsidiary Aspis Liv Forsakrings AB, gave a constant misleading picture.
- The fact that the violation of article 19, as specialized in article 20(1)(c) of the Law has been repeated by the Company. Specifically, in three different cases it had decided that the Company had violated article 19, as specialized in article 20(1)(c) of the Law, imposing an administrative.
(i) The interim consolidated financial statements for the period ended 30.09.2007,
(ii) The consolidated financial statements for the period ended 30.09.2007,
(iii) The consolidated financial statements for the period ended 31.03.2008,
(iv) The interim consolidated financial statements for the period ended 30.06.2008,
(v) The consolidated financial statements for the period ended 30.09.2008,
(vi) The annual financial statements for the year ended 31.12.2008
Misleading indications on its financial means, relevant to its subsidiary Aspis Liv Forsakrings AB, although it knew or it should know that the information was misleading.
In order to determine the administrative fine, the SEC took into account the following factors:
- The seriousness that the legislator gives in this type of breaches, which is reflected by the maximum administrative fine provided for violations of article 19 in article 23 of Law 116(I)/2005, that is, £500,000 (€854,300).
- Manipulations acts via the spread of false and/or misleading information hit the integrity of the financial means market since they impede its proper operation and the full transparency conditions.
- The importance that SEC gives in securing that the market is not manipulated in any way, which contributes to the strengthening of the investors’ confidence in it.
- The fact that the Company, with the spread of misleading indications in relation to the subsidiary Aspis Liv Forsakrings AB, gave a constant misleading picture.
- The fact that the violation of article 19, as specialized in article 20(1)(c) of the Law has been repeated by the Company. Specifically, in three different cases it had decided that the Company had violated article 19, as specialized in article 20(1)(c) of the Law, imposing an administrative.
Friday, 4 March, 2011 - 16:41